The company said in a statement earnings before interest, tax, depreciation and amortisation (EBIDTA) jumped 53 percent to 34.3 billion dinars ($336.2 million) from 22.5 billion in the same period last year.

Net profit rose to 20.1 billion dinars from 7.7 billion in the same period last year.

Production of derivatives rose by 10 percent over the same period and sales were up four percent, while production of electricity rose by 13 percent, it said.

One of the biggest contributors to Serbia’s budget, NIS operates two refineries and produces oil and gas totalling 1.7 million tonnes of oil equivalent per year from fields in Serbia, Angola and Bosnia.

Gazprom Neft owns 56.15 percent of NIS, with 29.88 percent owned by the Serbian government. Small shareholders own the rest.

The company in October started construction of a 300 million euro deep conversion complex at its main refinery, which it says will boost efficiency and reduce pollution.